Bloomberg Businessweek reported in mid-October that a U.S. Chamber of Commerce study of the world’s largest energy-consuming nations found Mexico to have the highest level of energy independence. According to the study, which reviewed data for 25 nations from 1980 to 2010,Mexico’s government-owned oil company PEMEX, or Petroleos Mexicanos, is one of the largest in the world, although the nation’s energy expenditures and carbon dioxide emissions remain relatively low.
“They are a very resource-rich country with very low energy use per person,” shared Karen Harbart of the Chamber’s Institute for 21st Century Energy.
By comparison, the U.S. ranks seventh on the Chamber’s list, importing about 45 percent of its petroleum in 2011. China ranked 15th on the list, confirming that its domestic energy production has not been able to keep up with demand.
This news comes on the heels of a large offshore oil find in Mexico real estate this August, when PEMEX discovered a large deep water light crude deposit in the Gulf of Mexico. President Felipe Calderón called the find an “important achievement” that “further strengthens” PEMEX, according to a report by Fox News.
“It is estimated that this deposit could belong to one of the most important deep water zones in the Gulf of Mexico,” stated the president. “That entire zone, this oil system, could have the potential to produce from four to ten billion barrels of crude oil.
The discovery is also reported to be high quality crude, which will make it easier to refine and therefore more profitable. As farther proof of Mexico’s strong position when it comes to energy security, it is important to note that PEMEX has doubled its outlay during Calderón’s administration and is currently the world’s fourth-largest crude producer at 2.5 million barrels per day.
In addition, incoming president Enrique Peña Nieto has promised to reform his country’s closed energy sector and promised during his campaign to open it up to private investment.